Outside Source
TL;DR
- PlanB forecasts Bitcoin (BTC) potentially reaching $524,000 in the next bull cycle, citing historical trends and the upcoming 2024 halving event.
- Last bull cycle was driven by macro events; the next expected to be stronger due to the halving and possible Bitcoin spot ETF.
- Currently, BTC trades at $36,929 with mixed market sentiments; other analysts predict more conservative figures between $40k-$50k.
Analyst Not Surprised if BTC Reaches $500k
PlanB, one of the most famous and controversial crypto analysts, thinks Bitcoin (BTC) could reach an unprecedented all-time high of $524,000 in the next bull cycle.
The popular Bitcoin advocate shared a chart illustrating the distribution of BTC prices at each halving event, indicating a historical trend where BTC tends to peak around four times higher than the lower end of the distribution range.
He predicts that BTC will be in the $16,000-$65,000 range after the next halving, with a potential peak in the $65,000-$524,000 range.
At 2012 halving most bitcoin was <$16.
At 2016 halving most BTC was in $256-$1024 range.
At 2020 halving most BTC was in $4k-16k range.
At 2024 halving most BTC will be in $16k-$65k range.I would not be surprised if next 4 years most BTC will transfer in $65k-$524k range. pic.twitter.com/kSmoFY8ciE
— PlanB (@100trillionUSD) November 25, 2023
Moreover, PlanB believes the last bull cycle was primarily fuelled by major macro events such as COVID-19 and inflationary fiat currencies worldwide. Like other popular crypto figures, the analyst is convinced the next bull run will be even more explosive as two strong narratives take place in 2024 — the halving and a potential Bitcoin spot ETF.
PlanB shared a chart indicating that BTC is trading above the two-year and five-month realized price levels. The realized price metric tracks the sum of all Bitcoins at the price they were last transacted on-chain divided by the number of BTC in circulation.
The analyst recently said Bitcoin is currently in a pre-bull market and is unlikely to trade lower than $32k ahead of the halving. However, based on the observed trends, the analyst has warned its followers that BTC will not stay below $40,000 for long.
What’s Next for BTC?
As of the current writing, BTC is trading at $36,929, a small 1.05% decline in seven days. Most of the altcoin market also started the week in the red, including ETH and BNB.
Bears and bulls are struggling to gain control over the market, and analysts are sharing their two cents with some interesting Bitcoin price predictions. While PlanB believes 2024 could reach unprecedented ATHs for the crypto asset, famous traders like CryptoCon and Ali Charts target ranges between $40k and $50k.
Despite today’s short pullback, BTC’s Fear and Greed Index has flashed Greed for 30 consecutive days, which has not happened in two years.
This article first appeared at CryptoPotato
